Primewest recommends proposed merger with Centuria

Primewest has entered into a Bid Implementation Deed (BID) in relation to a merger with Centuria Capital Group to be implemented via an off-market takeover offer to be made by Centuria for Primewest.

The Primewest Board of Directors unanimously recommend that Primewest securityholders ACCEPT the Merger, in the absence of a superior proposal and subject to an independent expert opining that the Merger is fair and reasonable to Primewest securityholders.

Each of the directors, including founding directors John Bond, David Schwartz and Jim Litis, who collectively own 53% of total securities in Primewest, have confirmed they intend to accept the Merger subject to the same provisos as the Board recommendation.

In addition, Primewest has established an Independent Board Committee (IBC), comprising independent non-executive directors Erin Flaherty and Hamish Beck, to represent the interests of minority securityholders generally, and specifically to analyse whether the Merger is in the best interests of those minority securityholders.

 

INDICATIVE TIMETABLE

The expected key dates in relation to the Merger are outlined below.

Monday, 19 April 2021

Transaction announced

Mid-May 2021

Target’s Statement and IER despatched by PWG (alongside Bidder’s Statement despatched by CNI)

Offer period opens

Mid-June 2021

Offer period closes (minimum 1 month offer period; can be extended to a maximum of 12 months)

If pre-conditions are met, compulsory acquisition process commences

 

Note: All dates are indicative only and subject to change.